Directions: Answer what is being asked in each item.
1. What are the different entrepreneurial qualities known as the Personal Entrepreneurial Competencies (PECs)? ________________________________________________________________________ 2. Why is assessing your entrepreneurial qualities important when planning an entrepreneurial venture? __________________________________________________________________________ 3. What are the tangible and intangible factors to consider in a business environment? ________________________________________________________________________ 4. Why is an environment scanning of an area considered a business site is helpful for the entrepreneur? __________________________________________________________________________ 5. Why is conducting a SWOT analysis important after choosing a business idea? ________________________________________________________________________
1. What are the different entrepreneurial qualities known as the Personal Entrepreneurial Competencies (PECs)? ________________________________________________________________________ 2. Why is assessing your entrepreneurial qualities important when planning an entrepreneurial venture? __________________________________________________________________________ 3. What are the tangible and intangible factors to consider in a business environment? ________________________________________________________________________ 4. Why is an environment scanning of an area considered a business site is helpful for the entrepreneur? __________________________________________________________________________ 5. Why is conducting a SWOT analysis important after choosing a business idea? ________________________________________________________________________
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1. The entrepreneurial qualities, more known as the Personal Entrepreneurial Competencies (PECs) are as follows: (1) Opportunity Seeking, (2) Persistence, (3) Commitment to Work Contract, (4) Risk-taking, (5) Demand for Efficiency and Quality, (6) Goal Setting, (7) Information Seeking, (8) Systematic Planning.
2. Passion may be the most important trait of the successful entrepreneur. They genuinely love what they do and are willing to put in the extra hours to make their business grow. They get a sense of satisfaction from their work that goes beyond making money.
3. Tangible factors in a business location are easily quantifiable, such as square footage and rent, while intangible factors are not quantifiable, such as image.
Tangible Factors. The nature of the business is an important tangible factor in choosing a location.
Intangible Factors. ...
Franchise Locations. ...
Multiple Locations.
4. Effective environmental scanning can help companies take advantage of opportunities before competitors, address threats before they become significant problems, and align the company's strategy to meet changing demand in the marketplace.
5. A SWOT analysis can help you identify opportunities that your business could take advantage of to make greater profits. ... Conducting a SWOT analysis will help you understand the internal factors (your business's strengths and weaknesses) that will influence your ability to take advantage of a new opportunity.
hope it helps.